veteran Paul Severn to head up the equipment
finance unit, replacing Kenneth Turner. U.S. Bank
Equipment Finance promoted Anthony Cracchiolo
to president of the equipment finance unit, reporting
to Sal Maglietta, who oversees the business. Other
notable changes included: Farm Credit Leasing
replaced Russ Nelson with Mike Romanowski; IBM
Global Financing named new head Robert Del Bene
to replace Martin Schroeter; PHH Arval showed
James Halliday as replacing George Kilroy; and
Volvo Financial said Scott Rafkin replaced Martin
Weissburg, who was promoted and named to head of

Volvo’s construction equipment group.

ARRIVALS & DEPAR TURES

Arrivals

A total of seven new market players joined the ranks
of this year’s Monitor 100 for the first time. Most
notable was #32-ranked SMBC Leasing & Finance
that finally made the decision to participate after
many years sitting on the sidelines as a spectator. Of
the $5.2 billion of combined assets, SMBC represents
about 67% of the total, with its reported $3.5 billion of
net assets. Bank United, ranked #56, brings a $688.6
million portfolio, which represents a combination of
two bank subsidiaries: United Capital Business
Lending,which focuses on franchise finance, and
Bridge Capital Leasing, a de novo startup that
was launched in late 2011. Ed Dahlka’s #85-ranked
Cole Taylor Equipment Finance made the list after
completing its first full year as a newly-launched
bank leasing company. With the MB Financial/
Taylor Capital merger scheduled to close this year,
we should expect to see Cole Taylor EF return in
2015, but under a different name. MB Financial
currently has a presence in the industry with its
LaSalle Solutions affiliate (ranked #93) and Celtic
Commercial Finance (MB acquired Celtic Leasing
in late 2012).

The remaining four new arrivals include: ENGS
Commercial Finance, a Chicago-based independent
with a focus on the truck and trailer industry; Wallwork
Financial, a Fargo, ND-based affiliate of Wallwork
Truck Centers, an authorized truck and trailer dealer;
Crossroads Equipment Lease & Finance, a CA-based
company that has returned after a one-year absence;
and TIP Capital, a Bloomfield Hills, MI-based independent that made the final cut and is ranked #100.

Departures

Those that chose not to participate this year included:
Capital One Equipment Finance, Verizon Capital
and Med One Capital. Those that completed the
survey, but did not make the final cut included:
Greenrock Capital, Arvest Equipment Finance
and Continental Bank. Lastly, we were disappointed that Forsythe Technology was unable to
repeat this year because it would have been their
23rd uninterrupted appearance. Back in 1992, when
it was known as Forsythe McArthur Associates,
the company was one of the original members of
the exclusive Monitor 100 club. And over the years,
even though their business model changed — shifting
emphasis from leasing to technology-related solutions
— Forsythe maintained its interest, was supportive
of this annual endeavor and did enough leasing business to be included every year.

MONITOR 100 — OVERVIE W

This year’s Monitor 100 participants reported across
the board growth with 86 out of the top 100 reporting
portfolio expansion, which in the aggregate, tallied a
positive $24.7 billion, or 4.6%. However, if you adjust
for the shrinkage of GE Capital, a slightly different
picture emerges. When you consider the “GE effect,”
which accounts for 21%, or $120.5 billion, of the total
and 64% of the total decrease of $10.9 billion, and
adjust for its impact on the year-over-year change,
the overall increase is $31.8 billion ( 7.6%) when the

$53.8B

The amount of shrinkage attributable
to GE Capital’s Commercial Lending
and Leasing (CLL) business over the
past six years – peaked at $228.2
billion (YE/2008) and ended YE/2013
at $174.4 billion.

Source: GE Annual Reports (2008-2013)

12

The number of remaining “leasing”
companies that appeared in the
very first Monitor 100 in 1992 that
continue to be members of this
exclusive club. The first Monitor